The new persons with significant control (PSC) regime, came into effect on 6 April 2016. This regime requires most companies and all Limited Liability Partnerships (LLPs) to hold, and keep available for inspection, a PSC register.
On 13 May 2016, the Department for Business, Innovation and Skills (BIS) published the final statutory guidance on the meaning of significant influence or control in the context of companies’ PSC registers, and its updated draft statutory guidance on the meaning of that phrase in the context of LLPs’ PSC registers.
The final statutory guidance for companies, issued with effect from 14 April 2016, is broadly the same as the draft that was laid before Parliament and published on 27 January 2016.
The draft statutory guidance for LLPs, dated 14 April 2016, is also broadly the same as the version published on 27 January 2016. Having now been laid before Parliament, it is due to come into effect on 24 June 2016.